Florida Statutes, Rules, and Regulations Pertinent to Life and Annuity Insurance, Including Variable Products
A Florida policy has lapsed and the owner wants either to restore it or to take the values available. Which sections govern each course?
Answer and explanation
Answer: B. Section 627.459 governs reinstatement of a lapsed policy and section 627.476, the Standard Nonforfeiture Law, governs the values available when premiums stop. Section 627.453 is the grace period, section 627.455 is incontestability, section 627.456 covers misstatement of age or sex, and section 627.458 covers the policy loan.Source: Fla. Stat. §§ 627.551-627.5575 — 627.476 read with 627.459
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